No offer or solicitation
Information on this website is general and educational. It does not constitute an offer to sell or a solicitation of an offer to buy any security, investment interest, note, partnership interest, membership interest, or other financial product. Submitting an inquiry or discussing a potential opportunity does not create an offer, commitment, or right to invest.
Any offer will be made only through definitive offering and transaction documents, only in jurisdictions where lawful, and only to persons who satisfy the applicable eligibility and suitability requirements. Those documents will control if they differ from this website or other communications.
Private and unregistered offerings
An investment opportunity may involve securities offered in a private transaction under an exemption from registration under federal and state securities laws. An exemption from registration does not mean that the Securities and Exchange Commission, any state securities regulator, or any other authority has approved, endorsed, or passed on the merits of an offering. Private offerings generally provide fewer public disclosures and fewer regulatory protections than registered public offerings.
Risk of loss
Every investment involves risk. You must be able to bear the loss of some or all of your investment and should invest only capital you can afford to lose. No return, distribution, repayment, exit date, or preservation of capital is guaranteed.
Real estate and project risks
Risks may include, among others:
- Changes in property values, buyer demand, rents, interest rates, credit conditions, and local or national economic conditions.
- Inaccurate estimates, hidden defects, title or boundary issues, environmental conditions, casualty losses, and uninsured or underinsured events.
- Construction defects, labor or material shortages, contractor performance, permitting issues, change orders, cost overruns, and schedule delays.
- Financing availability, leverage, lender remedies, refinancing risk, foreclosure, and interest expense.
- Zoning, land-use, building-code, tax, insurance, environmental, and other legal or regulatory changes.
- Dependence on key people, service providers, counterparties, and the timely execution of a business plan.
- Difficulty selling a property on favorable terms or within the expected timeline.
Risks will vary by project. A list of risks can never be exhaustive, and unexpected events may materially affect results.
Illiquidity and transfer restrictions
Private investment interests are generally illiquid, are not traded on a public market, and may be subject to legal and contractual transfer restrictions. There may be no buyer when you wish to sell, no reliable market value, and no redemption right. You may need to hold an investment for an indefinite period.
Leverage
A project may use mortgage loans or other debt. Leverage can increase potential returns but also magnifies losses and may require additional cash, restrict operations, or permit a lender to take control of collateral following a default. Financing terms and availability may change before or during a project.
Forecasts and forward-looking statements
Budgets, timelines, valuations, expected returns, market views, exit assumptions, and other forward-looking statements are estimates based on assumptions that may prove incorrect. Words such as “expect,” “plan,” “estimate,” “may,” “will,” “project,” and similar expressions identify some, but not all, forward-looking statements. Actual results may differ materially, and we undertake no duty to update projections except as required by law.
No reliance on past or illustrative results
Past performance does not guarantee or predict future results. Photographs, project descriptions, case studies, examples, targets, and hypothetical or illustrative results may not reflect all costs, fees, taxes, financing terms, delays, or losses and should not be treated as a promise of any outcome.
Fees, expenses, and conflicts of interest
A sponsor, manager, or its affiliates may receive fees, reimbursements, distributions, or other compensation and may have interests that differ from those of investors. Affiliates may provide services, participate in related transactions, allocate time or opportunities among projects, or invest on different terms where permitted. The applicable offering documents will describe material fees, expenses, and conflicts for a specific opportunity. You should evaluate them carefully.
Tax considerations
Investments may produce complex federal, state, and local tax consequences, including taxable income without corresponding cash distributions. Tax treatment depends on your circumstances and may change. Summit & Stone does not provide tax advice, and you should consult your own tax adviser.
Investor eligibility and verification
An offering may be limited to accredited investors or other eligible persons. We or an issuer may request financial, identity, or other information reasonably necessary to verify eligibility, comply with law, and complete anti-fraud or other diligence. Satisfaction of an eligibility standard does not mean an investment is suitable for you.
No investment advice or fiduciary relationship
Nothing on this website is personalized investment, legal, tax, accounting, or financial advice. Summit & Stone is not acting as your broker, investment adviser, or fiduciary by providing website information or responding to an inquiry. You are responsible for your own investment decisions.
Independent review and due diligence
Before investing, review all definitive documents, ask questions, investigate the project and the parties involved, assess your liquidity needs and risk tolerance, and consult independent legal, tax, accounting, and financial advisers. Do not rely solely on this website, summaries, discussions, or marketing materials.
Offering documents control
Each opportunity, if any, will have its own terms, risks, fees, conflicts, investor qualifications, subscription procedures, and governing documents. The definitive documents for that opportunity supersede all prior or contemporaneous summaries, website content, and oral statements. We may accept or reject an indication of interest or subscription in our sole discretion, subject to applicable law and the relevant documents.
Jurisdictional limitations
This website is not directed to any person in a jurisdiction where its use or the distribution of information would be unlawful. Access from outside the United States is at your own initiative, and you are responsible for compliance with local law.
Questions
Questions about these disclosures may be sent to legal@summitandstonegroup.com.